Iran unifies official and open market exchange rates as rial hit a new low

Published 2:55 PM ET Mon, 9 April 2018
Reuters

LONDON, April 9 (Reuters) - Iran unified the country's official and open market exchange rates as its currency, the rial, plunged to an all-time low on Monday, state media said.

The U.S. dollar jumped in a day from 54,700 rials to 60,000 rials in the open market in Tehran on Monday, local media reported. A dollar was worth 36,000 rials in mid-September.

Iran's First Vice President Eshaq Jahangiri was quoted by the state media as saying that from Tuesday the price of the dollar would be 42,000 rials in both markets, and for all business activities. (Reporting by Bozorgmehr Sharafedin; Editing by Adrian Croft)